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294 <br /> <br />December 13, 1988 <br /> <br /> F) Mction of Mrs. Lucas and seconded by Mr. Simpson, the <br />following resolution was adopted, and by the following vote: <br /> <br /> "A RESOLUTION APPROVING THE 'CITY OF PORTSMOUTH'S <br /> RESIDENTIAL ANTI-DISPLACEMENT AND RELOCATION .ASSISTANCE <br /> PLAN AS PART OF THE DOCUMENTS REQUIRED TO OBTAIN THE <br /> CITY' S · 1989 'COMMUNITY. DEVELOPMENT -BLOCK ~ GR~NT .ENTITLEMENT <br /> <br /> WHEREAS, under the Ho~sing and~Communit~De~e'L~pmerit'Act <br />of ~974, as amended, financial assistance is provided to <br />localities~f©r ~nd~rtaki~g'a.nd carryi~ ~u~t deve~lo~p~ien't <br />activities; and <br /> <br /> WHEREAS, the City Council has reviewed the Residential <br />Anti-d. isplacement and Relocation Assistance Plan; and <br /> <br /> WHERE~S, it is hecessa.r~v£tha~ .t~iS Council. take~'official <br />action regarding t~s plan to~c~mply wit~i the regul~a~i'ons of~ <br />aforementioned Act; and <br /> <br /> W~EREAS~ ;t~i's.~Council has fouhd_s~id 198~-Com~unity <br />Development Program's Residential An~i-Displacement.and <br />Relocation Assistal~ce Plan appropriate to meet the needs of the <br />City and~ t~er~fo~, acceptabl~e. <br /> <br /> NOW, THEREFORE, BE IT~RESOLWED by the Council of the City <br />of PortsmoRhh:~Virginia that'the 1989 Community Development <br />Program's Residential Anti-Displacement and Relocation Plan <br />having been reviewed and considered, be and hereby is, approved <br />in all respects and~the'City Manager is hereby aut~orize'd to <br />include ~e~pi~an w~th the Final Statement of Objectives and Use <br />of Funds an~ any additional information as may be required with <br />the Department of ~ouslng and Urban evelopment in .order to <br />obta~ ~the~1989 BI~¢K Gra~t. <br /> <br />Ayes: Barnes, Corprew, <br />Nays:~None~ <br /> <br />Gray, Hawks, Lucas, Simpson, Webb <br /> <br /> 88-496 - Letter from the City Manager recommending <br />adoption of a resolution approving the issuance of multi-family <br />rental housing refunding Revende Bonds by the Portsmouth <br />Redevelopment and Housing Authority of the City of Portsmouth, <br />Virginia in an amount not to exceed $28,150,000 to assist <br />Regency Apartments:Associates Limited Partnership in the <br />refundinq of~a bond~issued by the Portsmouth Redevelopment and <br />Housing Authority on February 27, 1985 to assist in financing <br />the acquisition and rehabilitation:of a 862 unit multi-family <br />residential rental project known as the Regency Apartments <br />located at 2100 Wn~tminister Lane in the City of Virginia <br />Beach, V~r~inia. <br /> <br /> "On February 27, 1985, the Portsmouth Redevelopment and <br />Housing Adthority issued its Multifamity Rental Housing Bonds <br />to finance the acquisition and rehabilitation of the Regency <br />Apartments located in Virginia Beach. The Portsmouth <br />Redevelopment andHousing Authority (PRHA) has now been <br />requested to issue Refunding Bonds to refinance the previously <br />issued Series 1985 Bonds. The City Attorney has preopared the <br />attached resolution which would grant approval by the City <br />Council for the Refunding Bonds to be issued. <br /> <br /> <br />